what is the applicability of section 281 of the Income Tax Act, 1961?
What is the absolute meaning of proceeding under this section ?
CA sagar satish parab
(service)
(50 Points)
Replied 18 October 2011
sec 281 will apply when there is any pending proceeding against the assessee from IT Dept, or any tax payable by the assessee or any such sum payable is still to be paid by the assessee then in such cases the assessee cannot tansfer his property / assets by way of gift, exchange,sale or transfer to any other person. and making such transfer will be declared to be void under this section. if any such transfer has taken place without obtaining the NOC certificate from the A.O. it will we declared as void.
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